Step-kids and College: 5 Ways to Make Sure Everyone is Happy

July 5th, 2010

Figuring out how to pay for your child’s college education can be a major financial headache. Add the complex dynamics of a blended family to that situation and the stress level can go through the roof!

But it doesn’t have to be that way. With some honest conversation, a clear plan, and a solid sense of reality, you can find your way through the sometimes-choppy process of making financial decisions with your child’s other parents without creating new problems.

Get the 5 keys to a successful arrangement HERE.

View all the Money Couple Minutes HERE.

Love and Money on ABC News

Should You Go Into Business Together? 5 Secrets to Making It Work…

June 21st, 2010

For many couples, the idea of working together sounds heavenly. But we’ve seen so many life partners try to be business partners only to find that their finances - and their relationships - can’t survive the shift.

There are, however, couples who can make a business work–we work together and love it. So if the two of you are considering starting a business together, here’s what you need to know:

1. You Must Be Equals
2. Know What’s Really Involved
3. Capitalize On Each Other’s Strengths
4. This Is a Financial Decision, Not an Emotional One
5. Have Regular Business Meetings

Read the entire Money Couple Minute including the full details under each point mentioned at “Should You Go Into Business Together?” You can view all the past Money Couple Minutes HERE.

5 Steps to Confessing Financial Infidelity

June 4th, 2010

Nearly every relationship harbors some level of financial infidelity. It might be as minor as not telling your partner what you really spent on her birthday gift or as major as keeping a secret bank account to pay for your gambling addiction. (Find out where you stand with the Financial Relationship Index) Either way, the path to healthy financial communication will never be smooth unless you are honest about your behavior and…[Read the entire Money Couple Minute,
5 Steps to Confessing Financial Infidelity].

4 Steps to Confront the Financial Cheater

May 24th, 2010

Shelley was putting away her husband’s laundry when she discovered a stash of bills for a credit card she didn’t recognize. It’s a story that plays out over and over with couples we talk to. Everything seems to be fine and then Bam! One of them discovers the other has been keeping money secrets.

If you’ve just discovered your partner has been hiding money from you, using a secret credit card, or lying about spending, what we call “Financial Infidelity”, you have a choice to make…[Read the entire Money Couple Minute HERE].

Planning for the Wedding: 5 Tips for the Parents, Bride, and Groom!

May 10th, 2010

With clear expectations and solid financial communication, couples can get to their big day without the added stress of money battles. Here’s how to make sure the road to the wedding is as wonderful as the wedding itself.

For Parents:

1. Get on the same page. View complete details HERE.

2. Be sure about what strings are attached. View complete details HERE.

3. Make sure all the parents are happy. View complete details HERE.

For Couples:

4. Assume you’re on your own. View complete details HERE.

5. Be gracious. View complete details HERE.

View this Money Couple Minute and all the others HERE.

4 Steps to Your Best Summer Vacation Ever!

April 29th, 2010

When money is tight, the first thing to get cut from the budget is fun–things like vacations, dates, and family outings. But those are the parts of life that make it interesting! And what good is having a tight budget if you aren’t enjoying the life you’ve worked so hard to build?

If money is tight this year, don’t automatically assume you can’t take a vacation. Instead, take a good look at your budget and use these guidelines to decide what kind of get-away you can get away with.

  1. Make it about memories and don’t break the bank. Learn more
  2. Start planning now. Learn more
  3. Do some homework. Learn more
  4. Redefine vacation. Learn more

To get the full details for each of the 4 steps, view the entire Money Couple Minute HERE.

4 Tips to Help You with the Not-So-Empty Nest

April 12th, 2010

Close to 14 million adult children are still living at home. These kids are called “The Boomerang Generation” and for good reason. Just when you think they’re gone, they come flying back.

As much as you love your kids, there comes a time when you’re ready for them to move into adulthood. When they aren’t quite ready—emotionally, socially, and financially—it’s hard to know what to do with them. Do you let them move in? Should they pay you? What about chores? The boundaries are beyond fuzzy and will be defined differently from family-to-family and from child-to-child.

Life with a boomerang child can be a valuable experience for you and your child if you follow a few basic guidelines…Read the entire Money Couple Minute “4 Tips to Help You with the Not-So-Empty Nest” HERE.

6 Tax Refund Tips

March 29th, 2010

More than half of all Americans will get a tax refund this year. Since the average refund is around $2800, that money can make a significant difference in your financial picture.

This money decision, like every other money decision, calls for solid financial communication. Once you know what your refund will be, use some of your Money Huddle time to discuss what you’d like to do with the cash.

Read the entire Money Couple Minute to get the 6 Tax Refund Tips for this year’s tax return.

Is There Life After Foreclosure? 4 Steps to Recovery

March 15th, 2010

We are meeting with lots of couples in this situation and seeing the stress this huge upheaval can cause in a relationship. If you’re losing your home, here’s how to pick up the pieces and move forward.

1. Grieve the loss - Get the complete details in this Money Couple Minute HERE.
2. Avoid the blame game - Find out how to avoid this pitfall in this Money Couple Minute HERE.
3. Decide how public you want to make this news - Learn how to decide together what the best plan is in this Money Couple Minute HERE.
4. Take some time off - What does it mean to take time off? Get some practical advice in this Money Couple Minute HERE.

Watch the Money Couple talk about “Life After Foreclosure” in this video from ABC News Now:

Watch the Video

6 Steps to Helping Your Adult Children Financially

March 1st, 2010

Every parent knows that our care and concern for our children doesn’t stop when they hit adulthood. But most of us are a little unclear on how that care should play out financially. Trying to figure out when and how to help adult children with money problems can lead parents into all kinds of financial miscommunication and conflict.

It doesn’t have to be that way. While the best approach for you will, of course, depends on the situation, there are 6 guidelines you need to keep in mind as you make financial decisions about your adult children.

1. Know your child’s Money Personality - Read more here

2. It’s ok not to play fair - Read more here

3. Respect each other - Read more here

4. Don’t hurt yourselves to take care of your kids - Read more here

5. Decide if there will be strings - Read more here

6. If there are strings, get them in writing - Read more here

Read this week’s entire Money Couple Minute - HERE.